Click here to read the second quarter 2020 letter to investors. This one is highly analytical in picking apart our performance, exposures and factor drivers. In it, I explain why we’ve chosen companies off the beaten path, yet remain exposed…
Click here to read our brief 4.25-pager letter to investors reviewing the past year as well as the year ahead. Speed Read: We had a frustrating fourth quarter and ended the year flat. We outline major contributors to alpha; In order…
Our second quarter letter explores the primary driver of our recent performance: large gaps between trading consensus and reality. We have continued to refine this ranking framework, and we explain further in our short 3.5-page letter. Click here to read…
Our friend Bill Carey at Cortland Associates has frequently talked about benefitting from trends by investing in parallel, complimentary or adjacent businesses to the actual trend-maker. Many times, these parallel investments can be more profitable than the actual company driving…
A Venture Capitalist A Private Equity A Family A Founder A Builder’s Approach to Public Markets Our first quarter letter for 2018 explores how our approach to investing allows us to find assets that are systematically shunned by our peers,…
Click here to read our fourth quarter letter which, at this inflection point in our growth, reviews where we've been and where we're going. Speed Read: We had a decent year (+27.0%), the performance of which was broad-based. We outline…
Click here to read our second quarter letter. Results have been good, but we want them to be great. Speed Read: Through active portfolio management, we've managed to keep our portfolio's ratio of reward-to-risk at 38.3x, which is marginally better than…
The Retail War Has Just Begun Every grocery retailer in the United States, and perhaps even Europe, has undoubtedly called emergency board meetings for this weekend. Amazon’s attempted merger with Whole Foods is a watershed event that will have far-ranging ramifications. Ripe…